Warner Bros. Discovery Board Rejects Paramount Skydance Takeover, Chooses Netflix Deal

On Wednesday, Warner Bros. Discovery’s board told shareholders to reject a hostile “$108″‑billion bid from Paramount Skydance and its controlling shareholders, the Ellison family.

Board Decision

The board’s statement explained that the Paramount Skydance offer “is not in the best interests of WBD and its shareholders.” Chairman Samuel Di Piazza added, “This offer once again fails to address key concerns that we have consistently communicated to Paramount throughout our extensive engagement and review of their six previous proposals.” The board said it would stick with the initially announced deal to sell its studio, HBO, and HBO Max to Netflix, claiming “the terms of the Netflix merger are superior.”

Paramount Skydance Bid

Paramount launched a hostile takeover bid valued at more than “$108 billion” for all of Warner Bros. Discovery just days after WBD announced plans to sell some prized assets to Netflix. In a filing, Paramount said its bid will be backed in part by funds from Saudi Arabia, Qatar, and the United Arab Emirates. Led by David Ellison, the company argued it could secure faster approval for a deal than any transaction with Netflix. Ellison’s father, Larry Ellison, chairman of Oracle and a multi‑billionaire, pledged to help backstop Paramount’s Warner bid and is also close to the Trump administration.

Conan Nolan reports for the NBC4 News at 5 p.m. on Tuesday, Dec. 9, 2025.

Netflix Deal

Warner Bros. Discovery’s letter to shareholders emphasized that the terms of the Netflix merger are superior. The company reaffirmed its commitment to the previously announced sale of its studio, HBO, and HBO Max to Netflix, a move that the board believes best serves its shareholders.

External Reactions

President Donald Trump criticized both Paramount and its new owners, the Ellisons. On Tuesday, Trump said, “For those people that think I am close with the new owners of CBS, please understand that 60 Minutes has treated me far worse since the so-called ‘takeover’ than they have ever treated me before.” He added on Truth Social, “If they are friends, I’d hate to see my enemies!”

Netflix welcomed WBD’s rejection of Paramount. Co‑CEO Ted Sarandos said, “The Warner Bros. Discovery Board reinforced that Netflix’s merger agreement is superior and that our acquisition is in the best interest of stockholders.” He continued, “This was a competitive process that delivered the best outcome for consumers, creators, stockholders, and the broader entertainment industry.”

Paramount did not immediately respond to NBC News’ request for comment. On Tuesday, Jared Kushner’s private equity firm withdrew from a group of funds that had said they would support the Paramount bid for WBD with funding. SAG-AFTRA and the Writers’ Guild of America both released a statement opposing the proposal.

Karma Dickerson reports for the NBC4 News at 5 p.m. on Friday, Dec. 5, 2025.

Key Takeaways

• Warner Bros. Discovery’s board rejected a $108‑billion hostile bid from Paramount Skydance.
• The board affirmed its commitment to a previously announced sale of its studio, HBO, and HBO Max to Netflix.
• External reactions include criticism from President Trump, support from Netflix’s Ted Sarandos, and opposition from SAG‑AFTRA and the Writers’ Guild of America.

This is a developing story.